The Asset Management Association Switzerland (AMAS) has made strides in guidance for the finance industry in Switzerland around stewardship. Following a recent webinar with Aurelia Fäh, Senior Sustainability Expert at AMAS, we sat down with her to learn more about how the Swiss Stewardship Code came about, the role Building Bridges played as a launch platform, and what her hopes are for the future.

1. What prompted the development of the Swiss Stewardship Code, and why was now the right time for it?

The thinking behind the Swiss Stewardship Code – that stewardship connects asset owners, asset managers, companies and the broader economy, society and environment – has been building for years. There was a clear and growing recognition that Switzerland needed stronger, more structured stewardship practices. Various financial institutions and investors had adopted their unique approaches to stewardship, leading to a lack of standardized practices and reporting frameworks. Consequently, investors – from asset managers to asset owners – often faced challenges in understanding and comparing their stewardship efforts. The moment felt right to formalise that thinking and create concrete guidelines: a Stewardship Code tailored to the Swiss context, but aligned with extensive local and international experience of AMAS members. Global standards and international best practices such as the Global Stewardship Principles of the International Corporate Governance Network (ICGN) and the UN Principles for Responsible Investing (PRI) represent international benchmarks for stewardship activities by investors.

2. The Code brings together asset managers, asset owners and corporates who are not always the easiest group to align. How did you navigate that complexity?

We deliberately kept the group diverse, small and focused during the development process. That allowed us to move quickly, build trust, and ensure open dialogue among stakeholders. AMAS brought the asset managers to the table, while SSF brought the asset owners. We also included service providers. The Code acknowledges the diverse nature of asset owners, asset managers, and service providers, each varying in size, business model, and investment approach, leading them to exercise stewardship in different ways.  Everyone engaged closely throughout the process. Elaborated for practitioners by practitioners, it took about nine months to develop the Code, which is quite efficient for such a collaborative workstream but also representative of the Swiss pragmatic, agile and liberal approach.

3. The launch in October 2023 at Building Bridges happened at a moment when many of those stakeholders were already in the same room. How important was that setting for visibility and momentum?

It was a real turning point. The room was packed. People were standing at the back and you could feel the energy. That kind of visibility really matters. It showed that stewardship resonates, that there’s appetite to take collective responsibility across the investment chain. Having so many key players from finance, corporates and civil society gathered in one place demonstrated the strong interest and expectations the market had for the Code. This clearly paved the way for effective and successful implementation in the months and years to come.

4. Since then, you’ve moved from launch to implementation, including the Engagement Letter published at Building Bridges 2024. What’s enabled that follow-through?

The annual rhythm of the conference helps. It creates a milestone: people know there will be a moment of collective attention, and that helps trigger action. After the Code’s launch, we started gaining traction and had members willing to implement. For AMAS, it was important not to leave it with paper and move to real practice and action. Today, every fourth AMAS member has actually implemented the Code. One of the key feedbacks we received upon implementation included the need for collaborative engagement and the ask for opportunity to pull efforts especially in a resource’s constraint environment.  That is precisely why together with our members, we developed the Engagement Letter, The Letter was published in December 2024, as a more concrete follow-up that responded to members’ calls to clarify how asset managers engage Swiss companies. This wasn’t about replicating international collaborative initiatives — it filled a real gap in the Swiss context. The goal was really to identify the key themes on which investors would like to pull their efforts and collectively call on Swiss companies to adopt those standards. Those seven themes are aligned with international governance and sustainability standards ranging from corporate governance to climate, biodiversity but also just-transition standards. It is also important to note that all standards are subject to a materiality assessment and some of the standards may be more relevant to certain companies and sectors. While the letter is not legally binding, nine asset managers are already part of this collaborative engagement initiative.

5. What lessons would you share with others trying to turn high-level commitments into concrete stewardship practices?

Don’t underestimate the value of rhythm, hard work and close collaboration. But also, don’t stop at the paper. The work now is on implementation. We’re working closely with members to support them in using the Code and the Engagement Letter in practice. There’s still a long way to go, but the conversations are happening, and the momentum is building. In this context, the power of partnerships is immense. Over the past year and a half, we have for example partnered with PRI to jointly organize in-person stewardship roundtables across Switzerland. We have hosted now about seven of them and have witnessed how the stewardship ecosystem is now being created here. Stewardship practitioners do now know each other in Switzerland, exchange best-practices, challenges and learnings. This is a massive change from two years ago 

6. Looking ahead, what would make you feel this initiative has truly succeeded?

If stewardship becomes part of the norm, importantly, something embedded, not added on, then we’ll know it worked. Success would look like consistent engagement practices across the Swiss market, greater alignment between asset owners and managers, and ultimately, better long-term outcomes for companies and society.

We Build Bridges Storytelling Series

Building Bridges is more than just an event—it’s a space for meaningful collaboration, fresh perspectives, and lasting connections. Through our storytelling series, we highlight the personal experiences that shape each edition. If you have a story to share about your journey at Building Bridges 2024—whether it’s a key insight, a memorable moment, or the impact of the bridges built—we’d love to hear from you!

Do you have a bridge-buidling story to share? Click here to submit one for review.